TagLimitation

Limitation Act and Insolvency and Bankruptcy Code: Deductions from the Past and Present

[Priya Gupta is a 3rd year B.A.LLB (Hons.) student at Gujarat National Law University, Gandhinagar] Over the past few months, a considerable debate has emanated on whether the Limitation Act, 1963 is applicable to proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Although the answer has always resulted in being negative, the reasoning has been varying. The question first arose...

Applicability of the Limitation Act to Insolvency Proceedings: A Critical Analysis

[Madhumitha Srinivasan is an Associate at Advaya Legal and practising in the Bombay High Court. The views expressed are personal. An earlier post on the topic is available here] In a decision passed by the National Company Law Appellate Tribunal (NCLAT) in Black Pearl Hotels Pvt. Ltd. vs. Planet M Retail Ltd. (judgment dated 17 October 2017), it has been observed that the right to apply under the...

Applicability of the Limitation Act to Insolvency Proceedings

[Guest post by Ashish Virmani & Tanisha Khaitan, both lawyers based in New Delhi and graduates of National Law University Jodhpur] The National Company Law Appellate Tribunal (“NCLAT”) in a recent judgement dated 11 August, 2017 in Neelkanth Township vs. Urban Infrastructure held that the Limitation Act, 1963 is not applicable to proceedings under the Insolvency and Bankruptcy Code, 2016 (the...

Representations & Warranties: Limitation Period

The documentation package containing representations and warranties, covenants and indemnities are quite common in corporate transactions involving Indian companies, particularly those pertaining to acquisitions, investments and corporate finance. However, despite their popularity, they have not been the subject matter of judicial consideration so as to provide some guidance as to how they may be...

The Date of Accrual of the Cause of Action in Negligence Claims

Under article 113 of Schedule I to the Limitation Act, 1963 (the residuary provision), a suit must be filed within three years of the date of the accrual of the “right to sue”. It is well-known that a court has no power to condone delay in the institution of a suit (as opposed to an appeal or application) and it is therefore important to be able to ascertain precisely when the cause of action...

The interpretation of time limit clauses in contracts

A claimant approaches a court one day after the limitation* period expires, in the mistaken impression that the limitation period had in fact not expired. This limitation period is set by a clause in a contract that is by no means a model of certainty or clarity. The question is whether the suit is time-barred. In ENER-G Holdings plc v Hormell, the Court of Appeal (Longmore, LJ dissenting) held...

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